Posted On: Tue 14 May 2019 By TCR NEWS | INDEPENDENT NG
Jumia Technologies AG (NYSE: JMIA) has released its financial results for the quarter ended March 31, 2019.
“Jumia delivered excellent results during the first quarter of 2019: strong GMV growth of 58% leading to 102% growth in marketplace revenue, Year-On-Year improvement of 356 basis points of Operating loss as a percentage of GMV and further development of JumiaPay, highlighted by the investment by and partnership with Mastercard”, said Sacha Poignonnec and Jeremy Hodara, co-CEOs of Jumia.
“We believe that Jumia is increasingly relevant for consumers and sellers in Africa. Looking ahead, we remain focused on our core operations, driving consumer adoption and engagement on our marketplace, increasing the penetration of JumiaPay, while continuing to improve our financial profile and making a sustainable impact on the continent.”
The €50 million investment by Mastercard into Jumia, in a concurrent private placement with our Initial Public Offering, marked another milestone in the development of JumiaPay and a validation of its potential. We are partnering with Mastercard on a number of initiatives, including the development and marketing of co-branded products (cards, virtual cards and quick response codes).
In the first quarter of 2019, our marketplace continued to gain depth and diversity as we focused on attracting quality sellers to our platform and providing our consumers with an expanding range of products and services. An example of this strategy is the partnership we announced this quarter with the technology leader Xiaomi.